"We welcome all our new shareholders and look forward to continuing our success story as a publicly listed company," BAWAG Chief Executive Anas Abuzaakouk said in the statement announcing the IPO price. GoldenTree Asset Management is reducing its holding to 24 percent from 39 percent.īAWAG itself is not receiving any proceeds from the IPO. It was then sold to Cerberus and other investors for 3.2 billion euros (2.87 billion pounds).īAWAG, Austria's fourth-biggest bank, said on Tuesday the sale of 40.3 percent of the company had been priced at 48 euros a share, at the bottom of the recently narrowed range of 48-49 euros it had previously announced, valuing the company at 4.8 billion euros.Īs part of the initial public offering, Cerberus is relinquishing majority ownership, selling down its 53 percent stake to 32 percent, according to the IPO prospectus. futures trader Refco, one of its affiliates. private equity firm Cerberus Capital Management, have raised 1.9 billion euros in Austria's biggest ever listing, capping a decade-long turnaround.īAWAG had to be bailed out in 2006 when it narrowly escaped a bank run after being sued by creditors of collapsed U.S. ![]() VIENNA (Reuters) - Stakeholders in Austria's BAWAG ( > BAWAG P.S.K.), the former trade union bank bought by U.S.
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